The Canadian government is trying to recruit institutional investors to pour money into the country’s infrastructure, according to a Reuters report.
Though Canada’s pension funds rank among the world’s largest infrastructure investors, they typically put their money to work on overseas projects.
More from Reuters:
Canada’s Liberal government is speaking to sovereign wealth funds and global private equity firms as well as domestic pension funds as it ramps up efforts to attract funding for its new infrastructure bank, according to two sources.
The overseas investors that the officials developing the infrastructure bank are speaking to include the Government Pension Fund of Norway, one of the world’s largest sovereign wealth funds, said the sources, who declined to speak on the record because of the sensitivity of the talks.
The government said earlier this month it would set up an infrastructure bank and give it access to C$35 billion ($26 billion) to help fund major projects.
Meanwhile, the Caisse, Quebec’s public pension fund, is planning to build a new 67 kilometer public transit system in Montreal, investing C$3 billion and seeking to supplement that with C$2.5 billion of federal and provincial government funding.
That project could be one of the first to be funded by the new infrastructure bank, the sources said.